Broker Updates on Jun. 14-20

Vietnam

FMA License

1. TMGM, a reputable broker in Australia, has recently been granted an FMA license allowing TMGM to provide Forex and CFD trading services based in New Zealand. This is seen as a part of TMGM's global expansion efforts.

Net Revenue

2. According to official financial results, net sales from operations came in at £409.8 million. Total pre-tax profit rose 127% to £224 million from £98.7 million the year before.

Operating License

3. easyMarkets announced that it has received a new operating license from the financial markets regulator of the British Virgin Islands (BVI).

Previously, easyMarkets owned prestigious licenses such as those of the Cyprus Securities and Exchange Commission (CySEC) and the Australian Securities and Investment Commission (ASIC). Also, last year easyMarkets received a Seychelles Financial Services Authority license.

Indonesia

Lucky Star Scam

4. The police revealed that Lucky Stars fraudulent investment actor had collected an income of Rp 15.6 billion.

These billions of rupiah are the income that he received from 53 victims whose data was collected by the police.

Lucky Star is actually registered as a business entity at the Ministry of Law and Human Rights. However, the company does not have a license to make forex investments from the Financial Services Authority (OJK).

Thailand

Financial Misconduct

5. ECU Group has accused the multinational investment bank HSBC of fraud and misconduct within its foreign exchange (forex) trading desk between 2004 and 2006. According to a report published by the Financial Times, an alleged ‘rotten culture’ between such a period allowed bankers to misuse confidential data.

In fact, the ECU Group claims that HSBC is responsible for having committed

fraud related to 52 forex trades it placed with the bank in those years. The allegations were made in the context of a trial that expects to last for at least seven weeks. The banking giant denied all the claims made by the currency manager, the FT said.

ICFMembership

6. The Cyprus Securities and Exchange Commission (CySEC) announced on Wednesday that Bogofinance Capital Markets Ltd., which operated retail FX broker brand FXJet, is no longer a member of the Investors Compensation Fund (ICF).The compensation scheme offered traders protection of up to 20,000 euros on their deposits with the broker in case of any default.

Japan

Transaction Data

7. Below is the data of Over-The-Counter retail FX margin trading / necessary amount of customer classification management (deposit information)

Commonwealth of Independent States (CIS)

New Instruments

8. From June 14, 2021, Alpari clients trading on standard accounts will be able to conclude transactions with 30 new instruments. According to the company, we are talking about Contracts for Difference (CFD).

Optimal Return

9. Kalita-Finance announced about an extension of the promotion “Optimal Return” until July 9th.

Leading Position

10. In May 2021, FINAM Group strengthened its leading position in the ratings of the Moscow Exchange. The broker traditionally took first place in the rating of the futures and options market in terms of the number of active clients: at the end of the month it exceeded 27 thousand people, which is more than 1.5 times higher than the indicator of the closest competitor.